How can I increase my credit score fast?
I need to increase my credit score. My credit score is currently 664. Do you think a bank would even consider giving me a loan on a house?
depends on you stream of income — amount of down payment etc — but just keep paying you bills on time and in full and work on that down payment!!!
December, 14th 2009 at 1:40 am
depends on you stream of income — amount of down payment etc — but just keep paying you bills on time and in full and work on that down payment!!!
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December, 14th 2009 at 2:00 am
Credit scores go down much faster than they can go up. You need to protect your credit score and not let it drop.
There are a number of factors that would affect a home loan. You will need to speak with a mortgage person and complete an application to see if you will qualify.
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December, 14th 2009 at 2:07 am
Pay down your credit cards which will decrease utilization and up your score.
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December, 14th 2009 at 2:25 am
664 is still a pretty good score
take out a gas station credit card and pay it off monthly. Because it is a monthly payment, it looks good to possible lenders. good luck.
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December, 14th 2009 at 2:50 am
Credit record is just one factor. Income and down payment also matter.
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December, 14th 2009 at 3:25 am
Your credit score is only one factor that a bank considers when deciding whether or not to trust you with a loan.
Another thing they will also consider is your monthly obligations (bills) to monthly income ratio. This is what you have to pay on credit cards, car loans, student loans, anything you have to pay monthly divided by what you make. Your bank will be interested in what this will be after they give you the loan. Aim for less than .45 after the loan.
Also, they will be considering your work history and how secure your job is.
But back to what you were asking- your credit score is fine. If you want to improve the score, you should make sure that you don’t have any lines of credit (like credit cards) that are nearly maxed or maxed. This is what the bank will be looking at on the report. Also they are going to want to make sure you have sufficient credit history (three years is good), and that you don’t have a history of late payments (any payments thirty days late or later). If you have some, just be prepared to explain what happened. Just not wanting to pay your bills is a bad explanation by the way.
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December, 14th 2009 at 3:41 am
Pay off all your debts, pay your bills on time
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http://acreditlibrary.com
December, 14th 2009 at 4:26 am
Banks give loans with SIGNIFICANTLY lower scores EVERY DAY. In reality, your score only determines the TERMS of the loan. Your income and debt levels determine if you will be approved or not.
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December, 14th 2009 at 4:36 am
You can improve your credit score with knowledge, some time, some effort and not a lot of money. Start by learning the credit laws in the United States. The big one that will help you is that credit<!–bureaus must respond to disputes in a set amount of time or they have to remove disputed items from your credit report.
http://best-loans.awardspace.com/creditscore.htm
Get a copy of your credit report and go over it with a fine tooth comb. Find the inaccuracies; almost every credit report has them. Write letters to the credit bureaus, disputing the inaccurate–>items. If they can’t prove it’s correct or don’t respond in time, the items must be removed.
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December, 14th 2009 at 5:22 am
one way to get a credit score up: See if somebody(parent) will add you to their long standing credit card – the older the better-but, this person has to have perfect credit. this is what I did for my son – and it really got his score up there. because it looked like he had a credit card for 8 years – and it was always on time -
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